Forex Trend, the Forex broker blacklisted in Russia and deregistered in New Zealand, last night announced it was closing all of the PAMM accounts of its clients.
The company said the move was because of technical issues and that the closure should last until August 29, 2015. The announcement states that PAMM account owners would afterwards be able to file their applications to become clients of the “new” Forex Trend.
All open positions on PAMM accounts will be closed this Friday.
The PAMM offering of Forex Trend has sparked the concerns of retail Forex broker Alpari, which in February this year published an open letter, asking Forex Trend to stop misusing the PAMM trademarks. In the open letter Alpari noted that the PAMM methodology was developed by its team back in 2008 and that the rights to the mark “PAMM”, “PAMM accounts”, “PAMM portfolio”, etc. belong to Alpari.
To view the original announcement about the PAMM system shutdown on Forex Trend’s website, click here.